Michaël van de Poppe Predicts A Possible 800% Rally For Cardano ADA
According to Michaël van de Poppe, a top cryptocurrency analyst and trader Cardano (ADA) could witness another massive rally this year, assuming that two crucial support levels hold.
In a recent strategy session, Michaël van de Poppe tells his 109K YouTube subscribers that Cardano has been in a downtrend against Bitcoin since late June.
The analyst draws the $1.33 region as the first level of support. The second crucial level of support is around $1.16, according to van de Poppe.
“[Cardano] is consolidating, or retracing, nicely here. It used to be one of the biggest runners of 2021, especially the one with the biggest hype.”
The traders points out that in order for Cardano to form a solid bottom, it has to break the 3500 satoshi level. That could prompt another move to the upside.
If ADA breaks the above-mentioned level and a market-wide crypto bull run begins, van de Poppe predicts Cardano to soar as much as 800% in its dollar value.
“If we’re going to make a bottom around 2800 satoshis [about $1.16], we can see a 170% and usually overshoot 190% trade on the Bitcoin pair.
I’m also expecting the value of Bitcoin against the US dollar to do well. So if we get into this region, it’s probably going to result in a 400% to 800% move on the US dollar value, especially given that the market is going to heat up once again.”
The analyst traces a path that shows Cardano consolidating against Bitcoin for about another month before a potential reversal begins.
